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Lenovo Eyes Overseas Acquisitions, Investments
Written by Philip Buonpastore
Wednesday, 12 March 2008
HONG KONG – The Lenovo Group will continue its search for
overseas acquisitions despite failing to buy Europe's Packard Bell last
year, Lenovo company chairman Yang Yuanqing said.
Lenovo, which receives over half its sales from Asia, is reportedly
interested in buying companies outside its main domestic market. It is
continuing to seek acquisitions after Acer foiled the company's plans to buy
Netherlands-based Packard Bell in Europe last year, which was seen as
an attempt to prevent Lenovo from gaining a foothold in the European
market.
The South China Morning Post has reported Yang as saying the
group would attempt to expand its overseas investments in emerging
markets, including India, Brazil, Mexico, the Middle East and Eastern
Europe. In preparation for this, Lenovo has increased its distribution
networks in both India and Eastern Europe.
"It can help us be more competitive. If there is a good opportunity and
it offers good returns to shareholders, we will definitely consider
it." Yang told reporters while attending the annual meeting of the
Chinese legislature in Beijing.
Lenovo's 2005 purchase of IBM’s PC business made the company among the
world's biggest computer makers, and last month, the company also
acquired Mexico's Sanmina-SCI, which makes computers and parts for IBM that are sold in the U.S. and Europe.
The Raleigh, North Carolina-based Lenovo, which also sells computers to
Japan, is planning to enter the consumer electronics market in that
country as well, but reportedly will not purchase a company there,
according to Yang.
"We are confident of growing our operations in 2008," Yang said.
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